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3 years ago

The following information pertains to the January operating budget for Casey Corporation.

Business

1 answer:

frutty [35]3 years ago

8 0

Answer:

1) Budgeted Cash collections for January = $140,000

2) Budgeted Cash Payment for January = $75,000

Explanation:

The Calculation of Budgeted Cash Collections and Budgeted Cash Payments are all done in the Cash Budget.

Here is an extract considering the details given :

January

Cash Collections :

Cash Sales (60%×200,000) $120,000

Credit Sales $20,000

Total $140,000

Cash Payments :

Administrative costs $10,000

Purchases $65,000

Total $75,000

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Question 7 (1 point)

krok68 [10]

Answer: John's Savings account balance declined by $50 and his Checking account balance increased by $50

Explanation:

The checking account statement shows that there was an online funds transfer from Savings into the checking account.

The checking account will therefore increase by $50 because money was transferred into it and therefore added to its balance. The savings account on the other hand, will reduce by the same amount because it transferred the money into another account.

7 0

3 years ago

A list of n items is arranged in random order; to ﬁnd a requested item, they are searched sequentially until the desired item is

kompoz [17]

n/2 = average number of items to search. Or more precisely (n+1)/2 I could just assert that the answer is n/2, but instead I'll prove it. Since each item has the same probability of being searched for, I'll simulate performing n searches on a list of n items and then calculate the average length of the searches. So I'll have 1 search with a length of 1, another search looks at 2, next search is 3, and so forth and so on until I have the nth search looking at n items. The total number of items looked at for those n searches will be: 1 + 2 + 3 + 4 + ... + n Now if you want to find the sum of numbers from 1 to n, the formula turns out to be n(n+1)/2 And of course, the average will be that sum divided by n. So we have (n(n+1)/2)/n = (n+1)/2 = n/2 + 1/2 Most people will ignore that constant figure of 1/2 and simply say that if you're doing a linear search of an unsorted list, on average, you'll have to look at half of the list.

6 0

3 years ago

The manager at Vertical Wire Productions reported total sales revenue of $800,000. The variable expenses were $600,000, and ther

Brilliant_brown [7]

Answer:

$BEP_{dollars} = 500,000$

Explanation:

The first step will be get the contribtuion margin:

$Sales\: Revenue - Variable \:Cost = Contribution \:Margin$

800,000 - 6000,000 = 200,000

This is the amount after variables cost used to pay the fixed cost and make a gain.

Second, we calcualte the contribution margin ratio

$\frac{Contribution \:Margin}{Sales\: Revenue} = Contribution\: Margin\: Ratio$

200,000/800,000 = 0.25

Per dollar of sales 25 cents are available to pay the fixed cost.

Now, we calculate the break even point in dollars

$\frac{Fixed\:Cost}{Contribution\: Margin \:Ratio} = Break\: Even\: Point_{dollars}$

$\frac{125,000}{.025} = 500,000$

5 0

3 years ago

Radison Enterprises sells a product for $102 per unit. The variable cost is $58 per unit, while fixed costs are $758,912. Determ

Ksenya-84 [330]

Answer:

Results are below.

Explanation:

Giving the following information:

Radison Enterprises sells a product for $102 per unit.

The variable cost is $58 per unit, while fixed costs are $758,912.

To calculate the break-even point in units, we need to use the following formula:

Break-even point in units= fixed costs/ contribution margin per unit

Break-even point in units= 758,912 / (102 - 58)

Break-even point in units= 17,248 units

Now, the selling price is $107:

Break-even point in units= 758,912 / (107 - 58)

Break-even point in units= 15,488 units

8 0

3 years ago

Mantle Company has been in business several years. At the end of the current year; the unadjusted trial balance shows:

maksim [4K]

Answer:

a. Bad debts are estimated to be 7% of RECEIVABLES

Dr Bad Debt Expense $ 16.000

Cr Allowance for Uncollectible Accounts $ 16.000

Explanation:

December 31

Cr Sales Revenue $ 2.200.000

Dr Accounts Receivable $ 310.000

Cr Allowance for Doubtful Accounts $ 5.700

a. Bad debts are estimated to be 7% of RECEIVABLES

Dr Bad Debt Expense $ 16.000

Cr Allowance for Uncollectible Accounts $ 16.000

If the company applies the allowance method, it means that the account Allowance for Uncollectible Accounts must show as balance the % estimated of accounts receivables as CREDIT.

Because the company already has a CREDIT balance in the Allowance for Doubtful Accounts it's necessary to register an entry that complement the existing value and reflect the value as % of account receivable.

Bad accounts are those credits granted by the company and there is no possibility of being charged.

"When customers buy products on credits but the company cannot collect the debt, then it's necessary to cancel the unpaid invoice as uncollectible."

One way is to directly cancel bad debts at the time it was decided that the credit is bad, the total amount reported as bad debt expenses negatively affect the income statement and the accounts receivable are reduced by the same amount, less assets

The other way is to determine a percentage of the total amount of accounts receivable as bad debts, there are many ways to analyze accounts receivable and calculate the value of bad debts.

When the company has the percentage of uncollectible accounts, the required journal entry is Bad Expenses (debit) with Reserve for Bad Accounts (credit)

At the time of cancellation, since the expenses were recognized before, we only use the Allowance for Uncollectible Accounts (Debit) with accounts receivable (credit), with this we are recognizing the bad credit of the company.

8 0

3 years ago